Alex Manojlovich presents Forge & Foster’s Hamilton Commercial Real Estate Report Year in Review on January 25 at CoMotion on King at 115 King St. E. We encourage savvy investors and well-informed citizens alike to join us for valuable insights at this free public event. Refreshments provided.RSVP today!
This week witnessed good transaction levels in Hamilton and Kitchener, with Niagara and Brantford winding down.
This week’s largest transaction took place in Kitchener, where the Waterloo Catholic District School Board purchased land from the Grand River Conservation Authority for approximately $12.7 million.
Also in Kitchener, IN8 Developments purchased a downtown parcel for $10.3 million ($17.7 million/acre). IN8 Developments is currently working towards the City Centre Mall development in Hamilton.
In Hamilton, a similar transaction took place as Fengate Asset Management purchased 48 Ferguson Ave. S. for $7.5 million ($16.6 million/acre) for what appears to be a future development site. A high value that usually represents some approvals have been attained, however, I’m personally unaware of any.
In the news, Hamilton councillors approved Upper James property rezoning, the Hamilton airport cargo business is flourishing, and the Province has removed 7,400 acres from the Greenbelt.
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The week saw below-average transaction levels. However, it’s typical to see regressed transaction levels right after the beginning and end of the month.
In Hamilton, the largest transaction was Fengate Asset Management‘s purchase of a house on 2.25 acres for $2 million ($888,889/acre). The property is adjacent to the 75 acres of airport land Fengate purchased in April 2021. This new purchase provides them with street front access to Airport Rd.
The week’s largest purchase in the area was in Waterloo, where IN8 Developments purchased an office building for $9 million ($169/sqft). It’s an interesting purchase because IN8 Developments is known mainly for residential developments. As an office acquisition (as opposed to residential), the dollar value per square foot is low. It could indicate some vacancy, high capital expenditures or softening office values.
Recently, office transactions are becoming more frequent, however, not all office transactions are at peak values. In any case, it’s great to see demand increasing to pre-pandemic levels.
In the news, the American venue group OVG will take on their first Canadian project with the renovation of Hamilton’s FirstOntario Centre (formerly Copps Coliseum); Hamilton City Council and Vrancor have reached a deal for 354 King St. W.; and in downtown Hamilton, a three-alarm blaze levelled a 1920s-era building slated for redevelopment.
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